Last Updated on January 28, 2025 by IPO Manthan Team
Fixed deposits have always been a popular choice for risk-averse investors, and several Indian banks are offering Special FD Schemes that promise higher interest rates and unique benefits. These schemes are available only until 31 March 2025, making it an excellent time for conservative investors to secure their funds in low-risk, high-return options.
Changes in FD Schemes After 31 March 2025
After 31 March 2025, these Special FD Schemes will no longer be available, and interest rates may return to regular levels. Current schemes like SBI’s Amrit Vrishti, PNB’s 506-day FD, or IDBI’s Chiranjeevi FD are offering rates as high as 8.05% for super senior citizens. If investors miss this deadline, they may not get these attractive rates again. Furthermore, the shorter tenures of these schemes, ranging from 300 to 555 days, make them highly beneficial for investors seeking high returns in a shorter time frame.
Banks often introduce special schemes during specific periods to manage liquidity and attract deposits. Once the schemes close, banks shift their focus to regular FDs, which usually have lower rates. Senior citizens, in particular, might miss out on the extra 0.50% interest rates offered exclusively in these limited-time options.
Here’s a table summarizing the key Special FD Schemes offered by various banks:
| Bank | Scheme Name | Tenure | Interest Rate (General) | Interest Rate (Senior Citizens) | Interest Rate (Super Seniors) |
|---|---|---|---|---|---|
| State Bank of India | Patrons FD | 2-3 years | – | 7.10% | 7.60% |
| Amrit Vrishti | 444 days | 7.25% | 7.75% | – | |
| Amrit Kalash | 444 days | 7.25% | 7.75% | – | |
| Punjab National Bank | 303-Day FD | 303 days | 7.00% | 7.50% | – |
| 506-Day FD | 506 days | 6.70% | 7.20% | – | |
| IDBI Bank | Chiranjeevi FD | 444 days | 8.00% | 8.50% | 8.50% |
| Chiranjeevi FD | 555 days | 8.05% | 8.55% | 8.55% | |
| Bank of Baroda | Utsav Deposit | 400 days | 7.30% | 7.80% | – |
| Indian Bank | IND Supreme FD | 300 days | Up to 7.55% | Up to 8.05% | Up to 8.05% |
Special FD Schemes Before 31 March 2025
Several Special FD Schemes are currently available, and they cater to different investor categories, including senior citizens. SBI is offering the Amrit Kalash and Amrit Vrishti schemes with interest rates up to 7.75% for senior citizens on tenures like 444 days. For super senior citizens, the Patrons FD offers an unmatched rate of 7.6% for 2-3 years.
PNB has launched short-term options like a 303-day FD at 7% interest and a 506-day FD at 6.7%, with an extra 0.50% for senior citizens. Similarly, Bank of Baroda’s Utsav Deposit Scheme offers an attractive 7.30% interest rate, increasing to 7.80% for senior citizens, with a tenure of 400 days.
For those in the super senior citizen category, IDBI Bank’s Chiranjeevi FD is a game changer, offering 8.05% interest on 555 days and 8% for 444 days. These rates make it one of the most lucrative options in the current market. Meanwhile, Indian Bank has its IND Supreme FD, which provides competitive rates for different tenures, including up to 8.05% for super seniors.
These schemes not only offer higher returns but also provide the flexibility of short tenures, ensuring investors don’t have to lock in their money for too long. For risk-averse individuals, this is an ideal opportunity to maximize returns without market volatility.
With these Special FD Schemes, investors can also adopt the laddering strategy, which involves splitting investments across different tenures. This ensures regular liquidity and the ability to reinvest at potentially higher rates in the future. Additionally, these schemes diversify portfolios, providing a balance between low-risk FDs and higher-risk investments like stocks or mutual funds.
Investors should act quickly to take advantage of these schemes before the 31 March 2025 deadline. Missing this opportunity could mean losing out on high returns and special benefits, particularly for senior citizens. By locking in their funds now, they can ensure both stability and profitability in their investments.